EUR/USD
EUR/USD inches higher after registering nearly 0.5% losses in the previous session, trading around 1.1570 during the Asian hours on Tuesday. The pair holds ground ahead of the final September Harmonized Index of Consumer Prices and ZEW Survey data from Germany.
GBP/USD
GBP/USD has come under renewed selling pressure and tests 1.3300 in the European session on Tuesday. The UK Unemployment Rate ticked up to 4.8% in the quarter to August, while the Claimant Count increased to 25.8K in the reported month. Downbeat UK data weighs on the Pound Sterling.
USD/JPY
The Japanese Yen (JPY) recovers following a modest Asian session slide as comments from Japan’s Finance Minister, Katsunobu Kato, fuel speculations that authorities could intervene to stem weakness in the domestic currency. Furthermore, the prospects for an imminent interest rate hike by the Bank of Japan (BoJ) this year turn out to be another factor lending support to the JPY. Any meaningful appreciation, however, still seems elusive amid expectations that domestic political chaos could delay the Bank of Japan’s (BoJ) rate hike plans.
AUD/USD
The Australian Dollar (AUD) declines against the US Dollar (USD) on Tuesday. The AUD/USD pair depreciates as the AUD faces challenges after the United States (US) and China decided to charge additional port fees on ocean shipping companies that transport everything from holiday toys to crude Oil, per Reuters.
NZD/USD
The NZD/USD pair posts a fresh six-month low near 0.5700 during the late Asian trading session on Tuesday. The Kiwi pair faces selling pressure, even as trade tensions between the United States (US) and China have receded, and both President Donald Trump and leader XI Jinping are on track to meet late in October in South Korea.
USD/CAD
USD/CAD gains ground for the second successive day, trading around a new six-month high of 1.4043 during the Asian hours on Tuesday. Traders will likely observe the US Federal Reserve (Fed) Chair Jerome Powell, who is scheduled to speak on Economic Outlook and Monetary Policy at the National Association for Business Economics (NABE) Annual Meeting in Philadelphia later in the day.
USD/CHF
The USD/CHF pair loses ground to around 0.8030 during the early European session on Tuesday. The US Dollar (USD) softens against the Swiss Franc (CHF) amid economic uncertainty and a cautious mood. Traders will keep an eye on the Swiss Producer and Import Prices data for September, along with the Federal Reserve’s (Fed) Chair Jerome Powell speech later on Tuesday.
CRUDE OIL
Oil prices rose on Tuesday as early signs of a thaw in U.S.-China trade tensions bolstered market sentiment, alleviating concerns over global fuel demand.
Gold extends its recent record-setting run through the Asian session on Tuesday and seems poised to climb further amid a supportive fundamental backdrop. Against the backdrop of economic uncertainties on the back of the US government shutdown, renewed US-China trade tensions continue to drive safe-haven flows towards the bullion.
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